• Stock market gains are largely being driven by seven firms
  • We’re not tried to kill the economy or crash of the stock market
  • On CRE only worried if banks are going to get stuck with a lot of losses but it’s not a shock, we knew this was going to happen
  • CRE (commercial real estate) is predictable, manageable, should not cause major crisis
  • Not sure if productivity uptake will continue
  • Politics just does not enter how we set policy